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Thursday March 11, 2010

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Somebody needs to say it

Posted by: Michael Smith | 15 October, 2008 - 1:15 PM
rudds

The days of the handout have to end. Simple arithmetic tells us it can't go on forever.

42% of Australian families pay no nett tax. They receive more back from welfare and tax concessions than they pay in tax. So almost half our families pay nothing for federal roads, police, health, defence, social welfare.

And we have household debt, credit cards, home loans, car loans, personal loans of $1 trillion. $1 trillion. That's 100% of our GDP. We don't have enough savings in the country to loan to each other. So we've borrowed more than $600 billion from overseas. And those overseas lenders want their money back.

So almost half our families pay no tax. And we live on borrowed money.

We have grown into a country that expects the government to pay for our baby, pay for our first home deposit, pay for the kids, pay for so-called free health.

We can see enough warning signs to know that our current economic system is in turmoil. We need to work our way out of it - to create things of value and sell them. To make things. To produce things that other people will want to buy. That's the essence of a healthy economy.

Lack of regulation in the banking system around the world has resulted in a financial melt-down. The answer? World-wide government hand-outs. The music will have to stop at some stage and there won't be enough seats for everyone.

The Rudd Government has released a $10.4 billion economic rescue package.

Are we just re-starting a housing bubble with a $21,000 hand-out to any 18 year old who wants to buy a new house.

The $1,000 payment, per child, to families which receive the Family Tax Benefit Part A is not subject to any asset test. Families with millions in assets will be eligible for the $1,000 bonus per child.

And the government has guaranteed bank deposits and bank loans. Building societies, banks and credit unions will be free to lend depositors' money at whatever interest rate for whatever purpose - with each depositor's money now guaranteed by the government.

This economic turmoil has happened for a reason. We are spending more than we earn. That has to stop. We need to get working, make things, save money and build Australia into the great nation it deserves to be.

We have $1 trillion in household debt in this nation. We have to service that debt - we owe more than $600 billion to foreigners. This is unprecedented. We can't continue as we are going.

Malcolm Fraser put it accurately - life wasn't meant to be easy. I don't hear anything from our current Prime Minister about us needing to knuckle down and do some hard work to lift ourselves out of the problems we're in. You can't just give money away willy nilly - that's what got us into the mess.

It will work for a short time. But it's like dosing up a horse. The horse might bolt for a short dash but then crash and die.

Blog comments Your Say

  • Michael,
    You would have to be the most negative man I have ever heard on radio. Do you have anything positive to say. I welcome the governements handout as I have a family, live in a rented house paying 470.00 a week an a combinesd income of $70000 a year. How about you try and live on that income with 3 kids, Rent to pay food to buy and pay for petrol to get to our jobs, pay for daycare for our child and everything else that comes in life then see how tough it is. My partner had to go back to work early so we can get back on our feet as we were running out of money. We used the baby bonus as a supplement for her wage. Anyway I think any labour government would be hard to please you as from the comments you make we all know where your political views stand. How about keeping them to yourself.

    Paul Thursday 22 January, 2009 - 10:37 AM

  • I agree Michael with your comments. The handouts will create resentment and factions.The initiative by Mr. Rudd & Co. feeds the greed! We all should have benefited or we all should get on with it! On TV yesterday the articles shown went to the young mums commenting on the Rudd handout followed by the Coles plan to shop on the Net. Young mums were Commenting on how it would be good especially with more children on the way. This service costs and money has now been made more accessible in the handouts.

    I got divorced in 1994 and had two young children. To ensure their lifestyle I left them and Mum in the house we had just purchased. I lived in it for a matter of a few weeks...and have spent many years fighting back financially. I now have a partner who also had a similar experience. She and I between us have 5 children, grown up, and contributing to life and the Aussie economy. We want to buy a home after many years renting but because 14 years ago I had my name on a property that I lived in for 6 weeks I cannot qualify for the FHOG off $14000 and the QLD government bonus of no stamp duty up to 500k. The grants did not exist in 1994. Yet we are still out in the cold ....There must be many like us.....we want a home so that when we retire we are not a further burden to the nation.
    See what I mean it is bloody hard not to feel dis-enfranchised in all this...
    Just an example folks....we are still getting on with it!!!

    JAMES WATERSON Thursday 22 January, 2009 - 10:37 AM

  • You are damned right someone needs to say it, and a lot more people should be screaming it from the rooftops. 2 months ago the Reserve Bank jammed up interest rates to stop spending - now they are using the working mans tax to give to the have-nots to spend as quickly as they can. What the hell is going on? I have no problem with our taxes going to help old age pensioners, but this is where it should stop. It's time the rest learnt how to pull their bloody belts in and develop a work ethic and get off their backsides and out of Latte Street if they can't afford it. There is nothing in the the handouts for the 42% who are taxpayers, so we are expected to continue to not spend so the poor can have a spree. Last time I looked this was called Communism.
    What a stupid way to try and stop Australia going the way the USA has.....we are in deep doggie doo doo mate.

    Anne Scott Thursday 22 January, 2009 - 10:37 AM

  • Don't get ya Juls? Precisely my argument that old age pensioners are the ones deserving of looking after because they are worn out from a lifetime of work.
    But I object to having to pay for the women of todays babies and first homes. I started work at 15 and pushing 60 we are still working and will be for along time yet.....everything from office work to horse breaking, cattle properties, school bus driving, vege picking - don't tell me I don't know what work is. I have beeen out in the real world, from Cape York to the stinking Cities. And raised good hard working kids while doing it without demanding, nor wanting, handouts.
    I cannot work out why you call us selfish? We are working, have always, and asking for nothing. How's that selfish?
    And PS, apologies for my percentage in previous posts being incorrect - I meant the 58% who are legitimate taxpayers.

    Anne Scott Monday 20 October, 2008 - 8:47 AM

  • All you selfish people above.
    There are alot of people out there that have worked since they were 14 with not much education because they were told by their fathers to get out and work so that you can help bring money into this house. These peoples bodies are worn out by the time they reach 60 they deserve help.
    It sounds to me that Anne and Micheal would not know what work is if it bit you on the bum. Get out in the world and mix with people you might learn what is really going on out there

    Juls Sunday 19 October, 2008 - 1:08 AM

  • Well what are you proposing? An American system of economics where the rich get richer and the poor suck eggs? Even John Howard liked handing out social welfare payments, conveniently before elections, but he still did it. You are typical of most conservative commentators Mr SMITH, you grab a bunch of general statistics and vague statements, and spin them to suit your arguement. You should just be a bit more honest and openly declare your political bias before each show, not that we can't work it out for ourselves. You really are trying to develop a "fox" style of presenting - if the term fair and balanced appears in your propaganda we can start calling you Hannity. Or John MILLER's little brother.

    Stevenp Friday 17 October, 2008 - 7:53 PM

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